You have been through all the elements of your Business Plan, and actually given some thought to what your business is, and what you want it to be.
One of the leaders in XLN, one of the programs I was associated with, frequently reminds his team that the PRODUCT or SERVICE you are marketing IS NOT YOUR BUSINESS.
The Product or Service is what you PRODUCE or MARKET, but your BUSINESS is:
- How you define WHAT you do,
- WHY you do it,
- HOW you approach what you do,
- How you present YOUR BUSINESS to your prospects,
- How you handle your FINANCIALS,
- How you obtain and retain your CUSTOMERS and
- HOW you adapt to CHANGES in your Business.
Your Business Plan should be the document or presentation you would show to:
- Your Banker or Investors – to demonstrate that you have given some thought to your business, and shows INVESTORS that you are a viable entity WORTHY of their TRUST.
- Your Prospects – telling them why you want them to do business with YOUR COMPANY.
- Your Customers – so they know they have signed on with someone who will STAND BEHIND your products or services and will CONTINUE to do business with. They will TELL OTHERS and GIVE YOU TESTIMONIALS.
- Your Accountant – so the RIGHT accounting methods and tax filings can be done to establish YOUR COMPANY as a legal entity and obtain the optimum tax treatment and REDUCE LIABILITIES
- Your Insurance Company – to reduce exposure and ensure the proper coverage to protect YOU and YOUR COMPANY
- Your Business Consultant or Coach – to help you learn about products, services, and business practices to IMPROVE your Business or make your Business MORE EFFICIENT
- Your Attorney – to ensure regulatory compliance, reduce exposures, and LIMIT LIABILITIES
You can change products or services, but, in my experience, even when my company offered a different product line or service, MY CUSTOMERS would CONTINUE TO DO BUSINESS WITH MY COMPANY and follow the lead MY COMPANY set forth, because they knew MY COMPANY would be an ADVOCATE FOR THEM and PROVIDE THE SUPPORT they deserved.
The bottom line:
A BUSINESS PLAN Establishes YOUR COMPANY
As An Entity Unto Itself
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